Covenant Compliance Bonus. The Executive shall be paid a compliance bonus (the "Covenant Compliance Bonus"), equal to ten percent (10%) of the Executive's annual base salary, if (i) the Company is in compliance with the covenants contained in Section 8 of the Amended and Restated Credit Agreement dated November 10, 2000, as amended March 31, 2001 (the "Credit Agreement") among the Company, the Bank of Montreal as Agent, and the other lenders party thereto (collectively, the "Lenders"), except for the covenants contained in Sections 8.25 and 8.26 of the Credit Agreement captioned "Minimum EBITDA" and "Interest Coverage Ratio," respectively, and (ii) the Company has maintained EBITDA and an interest coverage ratio as set forth on Schedule 3(b) annexed hereto (collectively, the "Covenants"). An amount equal to twenty-five percent (25%) of the Covenant Compliance Bonus shall be paid to the Executive for each fiscal quarter during which the Company either maintained compliance with the Covenants or the Lenders waived compliance with any one or more of the Covenants with which the Company was not in compliance. or the banks a party to the New Credit Agreement (collectively, the "Banks") waived compliance with the New Credit Facility Covenants. Each quarterly payment shall be made to the Executive within ten (10) days of the (i) delivery by the Company's Chief Financial Officer to the Lenders of the compliance certificate required under the Credit Agreement., or (ii) the Bank's waiver of the New Credit Facility Covenants. A copy of such compliance certificate shall also be delivered to the Compensation Committee of the Board at the time that it is provided to the Lenders.
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Samples: Employment Agreement (Vision Twenty One Inc), Employment Agreement (Vision Twenty One Inc), Employment Agreement (Vision Twenty One Inc)
